Thought rent in the capital was bad? More tenants in the West Midlands experience rent increases than those in London, new data has shown.
Three in five letting agents in the West Midlands witnessed a rent increase for tenants in September, compared to just under a quarter of letting agents in London noticing rent increases since last month, according to the Association of Residential Letting Agents (Arla).
"It’s a surprise to see that those renting in the West Midlands are suffering from rent increases the most, when many of us would automatically think tenants in London would be the most prone to rent increases due to the competition in the capital," David Cox, managing director at Arla, said.
But the widening gap between supply and demand means competition for a room in the capital remains fierce. Vacant properties attract an average of six viewings before being let, the highest amount out of all UK regions.
"This could be down to the battle for space in the capital and the fact that as soon as a property goes on the market in London, many people flock to see it straight away to fight the competition of other renters. This is compared to properties in the East of England being let after an average of three viewings," Arla said.